Question for recent retirees

[Abalone]

Now that you have retired, is it costing more then you thought or are you
pleasantly surprized how cheap it is ?

[Snug 2]

The first thing I would do is create a budget to look at. From there you will add additional expenses (travel, insurance) and take away those items that you won't be doing anymore (401(k) contributions, some taxes, work expenses). Once you have that figure, you can begin to look at your income sources (part time work, pension, retirement plan distributions, SS). That should then give you a positive figure (more income available than needed) or a negative number (more income needed).

It isn't that difficult to calculate and it will be very useful for you to do sooner than later.

If you want to bounce some ideas off me, give me a call. If I can't get them answered I am sure I can find someone who can.

[northriver1]

Originally Posted by Abalone

Now that you have retired, is it costing more then you thought or are you
pleasantly surprized how cheap it is ?

My leadman, my supervisor and my partner are all going to retire within the year. Why should I stay and suffer ?

My companies retirement is really complicated. All the services are outsourced and there is no one in house that knows anything.
This makes it very difficult to plan ahead. I am sure I could do quite well if I retired, but I just can't get all the facts I need.

When I had my heart attack I remember thinking

" Well it looks like I am going to die, Oh boy I don't have to get up and go to work anymore " and I am not kidding that's exactly what I thought.

I have been steadily employed since I was 16 years old and now I am 57.
I think I have earned it....

"I think I have earned it" that doesn't sound like you are totally convinced. One starts to live on borrowed time the older we get so pull the plug and don't look back.. Enjoy those golden years and remember the quanity is not as important as quality of life.

[exgamey]

The biggest surprize to me was the increases in the cost of health insurance. When I retired we were paying $220/month which increased steadily to $730/month. Have just now started on Medicare but still must buy insurance for my wife(she's just a kid).

[Angler of Repose]

I was suprised at how far my money did go once I retired. My retirement is about 75% of my gross when I was working. I don't have a lot of work related expenses, and I don't seem to be doing a lot of the impulse buying I did when I was working.
The big unkown is H&W. We are under my wife's plan (she still works), but is a poor substitute for the good union plan I had when I was working. Still, I think it will work out as long as I keep some emergency funds readily available.
Good Luck!

[Footloose]

I think it has become much cheaper to live now that retired. Didnt realize how much I spent on lunch meetings, food on the go, gas, so many things connected to working the nose to grindstone routine. Now most important thing to remember is to set aside 60% of retirement income for fishing is all.

[bajadan2000]

I have mixed emotions on the subject. I took an early retirement and it lasted 5 years. Now I am back to work.

At first, it seemed that my money was going much further than I planned for. As stated, no more work related expenses. Also, I had the time to fix things that I would have just junked and replaced when I was working. So at first it was great.

5 years later, the shock set in. Prices were increasing on everything much faster than planned. Throw in a few unexpected heavy bills along the way and all of a sudden the long range outlook is not as bright. So back to work I go.

I do not regret taking the 5 year sabbatical, it was a bit of a gamble that I would do all over again.. The next time I retire I will be too old to repeat the many adventures that I was able to take the first time. I agree, enjoy your time now, make a good plan, expect the unexpected. Later, you and your family will have fond memories as you feed each your pills..

[crabbait]

I find I am eating out less, fewer lattes, less fuel expense, less overall living expense. Except for the excursions abroad it has been quite reasonable.

[sakana49]

I've been out of the grind about two years. I've check my balance sheet once a year and really haven't lost any ground financially since I retired. Like Crabbait said, I don't spend money for lattes, lunch, etc anymore. At least not as much. I have more toys now, more rods and guns that a person should normally have. I am fortunate that my health insurance hasn't escalated as much as some.

But like I tell everyone, "every night is like Friday night and every morning is like Saturday morning!"

[PapaHog]

I like many before me think that it is cheaper to live retired. However I really have no way to judge, lots in my life has changed.

Lost my wife.

I now live in a house with a room mate.

I am service connected disabled so my medical bills are paid. (good thing)

Heart has some ups and downs so I don't get to go and do as much as I would like and that makes it cheaper as I am at home a lot.

Life is good and retired life is great. Need to go fishing more.

[Abalone]

These are the kinds of Posts I was hoping for.... Keep it up and thanks.

My wife has never worked. That makes it difficult for me to plan. She is very limited on what she is willing to do. Sell the house, Relocate etc. etc.

If it were just me, it would be real easy.....